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N
ick
G
ardNer
GolDen ruleS
1. Know your financial situation on a daily basis.
2. be passionate—you have to enjoy what you do.
3. Don’t be afraid of making difficult decisions in
tough times.
4. be flexible and always open to new ideas and
changes in direction.
5. be positive—if you aren’t, your staff will not feel
optimistic either.
6. Cash is king—keep as much as you can.
He Chose To
Kick Goals
Peter Switzer
Switzer Group;
established 2005;
twenty- three employees;
$4 million- plus turnover
As a nifty prop with a
desire to wear an Easts’
rugby league jersey, Peter
Switzer was faced with a momentous decision
when the curtain fell on his teenage years. He
could chase a sporting career he knew was
well within his reach, or hit the books and get
a degree. For his business- minded father the
choice was clear. But for the young Switzer it
Photo: Carlos Furtado
HE CHOSE TO KICK gOALS 173
was an agonising dilemma. The league life wasn’t
his only sporting option, either: he played first-
grade water polo and won a Sydney title in the
early 1970s with North Bondi Surf Club. ‘I had
a choice: President’s Cup or a Master of Com-
merce. Thankfully I chose the latter,’ he says.
Thankful is probably an understatement
clothed in humility, given the accolades Switzer
has garnered as one of Australia’s leading busi-
ness commentators and advocates. His brand and
his pedestal is Switzer Financial Services, which
he founded under the motto of ‘trusted provider
of accounting, business and financial advice’. But
he admits that it wasn’t his own business that
propelled him into the millionaires’ realm but
some smart property purchases in the 1970s.
Raising a young family, Switzer and his wife
Maureen didn’t have much cash to spare. ‘We
moved into Paddington in 1979, when it was
not a trendy suburb,’ says Switzer. ‘I recall my
father- in- law seeing our purchase—an old Vic-
torian cottage—and saying: “Oh, love! Sell this
as quickly as you can.” But the home launched
our interest in real estate. We bought old homes
in great suburbs and renovated them. Your
principal property is capital gains tax- free when
you sell it, and that makes it a great way to build
wealth.’
174 HOW I MADE MY FIRST MILLION
After completing his Master of Commerce,
Switzer worked as a teacher at several private
schools before moving on to the economics fac-
ulty of the University of New South Wales and
starting his first business, an economics coaching
school. After thirteen years in academe he was,
as he puts it, seduced away by Radio Triple M’s
then ratings- leading breakfast radio host, Doug
Mulray.
As he expanded from radio spots on finance
into TV and newspaper columns, Switzer
transformed his coaching school into a media
company. On the side, he and Maureen also cre-
ated a publishing firm which at first they ran
from their Paddington home, all while raising
their young family.
The rewards for those years of toil took a while
to show. ‘We added financial planning and business
coaching to our media and publishing business
because there are great synergies,’ Switzer says.
‘After years of writing about personal investment,
we decided to create a financial planning business
that upholds the highest standards of honesty and
transparency. That gave us a competitive edge. As
a natural progression we created Switzer Business
Coaching, which teaches principles I have been
taught and admire. So our business is now about
providing business information, education and
HE CHOSE TO KICK gOALS 175
advice to media organisations, corporations, small
businesses, investors and consumers.’
Though his array of roles keeps him busy, Swit-
zer has maintained his love affair with real estate.
It is about diversifying his financial portfolio, he
explains—something he frequently instructs cli-
ents to do. ‘Most p eople are amateurs when it
comes to investment and wealth building. I hate
p eople treating investment like punting,’ Switzer
says. ‘Day traders can be on the spot and, if they
are smart, make more good decisions than bad
ones. But a lot don’t. I tell my clients and read-
ers that we’re in for the long run. We buy great
blue- chip assets, especially when they are well
priced, and we hold on to them. It works for
all asset classes and
brings good returns.’
But Switzer never
wants the enter-
prise to depend on
him alone. His sons
Martin and Alex also
work in the business, a source of solidarity and
support that Switzer finds especially valuable in
difficult economic times.
For Switzer, the chief benefit of wealth is that it
expands one’s choices. ‘The funny thing is I could
retire and relax, but I love writing, building our
‘ ‘
Most p eople are
amateurs when it comes
to investment and wealth
building. I hate p eople
treating investment like
punting.
176 HOW I MADE MY FIRST MILLION
business, educating Australians and helping our
clients to create wealth and great businesses,’ he
says. ‘I always say you should do something that
you are absolutely passionate about, which means
you can play to your strengths. And don’t be afraid
to seek expert help to get the best out of yourself.’
Once, after Switzer had given a speech on
the importance of business coaching, he was
approached by a woman who asked if he had
had any business coaching himself. When he said
no, she quoted him saying moments earlier that
we all need someone else’s objective eyes to get
the best out of us. Undone by her quiet reason-
ing, Switzer took the woman up on her offer of
three months’ free business coaching. Now she is
a Switzer Group business coaching partner.
After the financial crisis Switzer’s firm has
received fewer inquiries about business coaching,
but the p eople who make them are much more
likely to follow through and enrol. ‘They can see
it is a false economy not to invest in improving
themselves, especially in such uncertain times,’
he says.
The financial planning division has held up
well, in part because Switzer has always charged
a flat fee rather than a percentage- based one. As
fund values have fallen, percentage fees have too.
But Switzer has been in great demand for
HE CHOSE TO KICK gOALS 177
speaking engagements and on television and
radio. He now has an eponymous slot on Sky
Business four nights a week, interviewing experts
about investing and economic forecasting.
Switzer is advising his business coaching cli-
ents to go back to basics and devote themselves
to making sure their best customers are happy.
‘Show your customers consideration and it gen-
erates great loyalty,’ he says. ‘One great salesman
I know sends his clients little newspaper links
or cuttings if he thinks they might prove use-
ful. That’s a terrific idea. It shows real concern.
Another good piece of advice is to network
more. Turn up to more events, and don’t go any-
where without business cards. And when you
are at an event, have a quick script in your head
to let you succinctly explain your business. That
could generate work for you straight away.’
Finally, Switzer says, analyse your marketing to
see if it’s doing all you need it to. ‘Use the purple
cow principle,’ he says. ‘The American marketeer
Seth Godin says our marketing messages can be
like black- and- white cows in a field—all look-
ing the same. But imagine if the farmer painted a
cow purple. P eople would all point and say, Look
at the purple cow!’
With marketing like that, the sky is the limit.
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